Cango Inc., a leading Bitcoin mining company, today announced its unaudited financial results for the second quarter of 2025. The report highlights significant growth in both revenue and mining capacity.
Driven by a strategic acquisition of additional hash rate, Cango’s total mining capacity now stands at 50 EH/s, achieving record-breaking levels. Notably, they recently completed the divestiture of China-based assets for US$352 million, generating substantial liquidity to support ongoing initiatives.
The company achieved total revenues of US$139.8 million during the period, with Bitcoin mining generating US$138.1 million in revenue. Adjusted EBITDA stood at a strong US$99.1 million.
Further, a significant milestone was reached with 1,404.4 Bitcoins mined throughout the quarter. This was achieved with an average cost to mine of US$83,091 per Bitcoin (excluding depreciation), while all-in costs were US$98,636 per Bitcoin. Cango has mined a total of 3,879.2 Bitcoins since beginning operations in the Bitcoin space.
Despite a one-time loss on discontinued operations and a non-cash impairment loss from mining equipment acquired last year, adjusted EBITDA remained at US$99.1 million, showcasing the company’s strong profitability within its core business. Mr. Paul Yu, CEO of Cango, commented, “This quarter marks a significant turning point for us as we report our first full quarter following our strategic transformation. In just nine months, we’ve established ourselves as one of the world’s largest Bitcoin miners and continue to scale this operation at an accelerated pace.”
The report concludes with details on the company’s continued efforts in expansion, including the recent acquisition of a 50 MW mining facility in Georgia, which enhances energy security and lowers power costs. This strategic step ensures operational stability for future endeavors involving high-performance computing (HPC) and energy initiatives.